Core Viewpoint - The "Measurement Support Action Plan for the Development of New Quality Productivity in Industries (2025-2030)" has been officially released, focusing on ten key industries to enhance measurement technology and support high-quality industrial development [1][4]. Group 1: Measurement Industry Development - The measurement industry is rapidly developing under relevant policies, playing a crucial role in supporting new quality productivity [2]. - The measurement workforce in China has reached 63,000, indicating a significant growth in measurement talent [1]. Group 2: Key Industry Focus - The action plan emphasizes ten key industries, including information technology, artificial intelligence, aerospace, new energy, and biomedicine, to address common measurement technology challenges [1][4]. - In Hunan's Hengyang, the traditional measurement culture is evolving into a modern precision measurement industry, with over 140 enterprises in the clock industry park, generating an annual output value exceeding 5 billion yuan by 2024 [2]. Group 3: Technological Innovation and Infrastructure - The establishment of measurement testing centers, such as the nylon new materials center in Pingdingshan, aims to enhance quality across the entire industrial chain [3]. - National policies are driving the integration of measurement into technological innovation and industrial development, enhancing the precision and efficiency of various industries [3][4].

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the rapid progress in the construction of zero-carbon parks in China, as announced by three government departments, which sets clear guidelines and eight key tasks for the establishment of these parks [11] - The issuance of ESG bonds in China has reached 3,628, with a total scale of 5.57 trillion RMB, where green bonds account for the largest share at 61.88% [26] - The total net value of existing ESG public funds is 1,055.14 billion RMB, with ESG strategy products making up the largest proportion at 52.97% [32] - The report indicates that major ESG indices have underperformed the market recently, with the CSI 300 ESG index showing the smallest increase of 0.06% [38] Summary by Sections Domestic Highlights - The National Development and Reform Commission, the Ministry of Industry and Information Technology, and the National Energy Administration have issued a notice to promote the construction of zero-carbon parks, outlining basic conditions and key tasks for low-carbon transformation [11] - The Ministry of Finance has allocated significant budgets for environmental governance in 2025, including 10.7 billion RMB for water pollution prevention and 25.4 billion RMB for ecological protection [12] International Highlights - The EU has passed a law to simplify classification reporting by 2026, aiming to reduce compliance burdens for companies [3][20] - The ISS STOXX has released a Sovereign Climate Impact Report to help investors assess climate risks and opportunities [18] ESG Financial Products Tracking - As of July 12, 2025, the total number of ESG bonds issued in China is 3,628, with a total issuance amount of 1,212.5 billion RMB in the past year [26] - The market has 904 existing ESG products, with a total net value of 1,055.14 billion RMB, and 238 ESG public funds issued in the past year [32] Index Tracking - Major ESG indices have underperformed the market recently, with the CSI 300 ESG index showing a minimal increase of 0.06% [38] Expert Opinions - Experts highlight that strong governmental support, technological empowerment, and the role of Hong Kong as an international financial center are key factors in China's ESG governance progress [40]

Domestic News - The State Council issued a notice to enhance employment support policies, expanding the scope of special loans for stabilizing and expanding jobs, and increasing the unemployment insurance refund ratio for small and medium-sized enterprises from a maximum of 60% to 90% [1] - From 2021 to 2024, China's economy is expected to maintain an average growth rate of 5.5%, with domestic demand contributing an average of 86.4% to economic growth, and final consumption contributing 56.2%, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" period [1] Economic Indicators - In June, the Consumer Price Index (CPI) rose by 0.1% year-on-year, reversing the previous month's decline, while the core CPI, excluding food and energy, increased by 0.7% [2] - The Producer Price Index (PPI) decreased by 0.4% month-on-month and fell by 3.6% year-on-year, with the year-on-year decline widening by 0.3 percentage points compared to the previous month [2] Industry Developments - The Ministry of Industry and Information Technology opened a platform to address complaints from small and medium-sized enterprises regarding payment issues with major automotive companies, focusing on adherence to payment terms [2] - The State Administration for Market Regulation, the Ministry of Ecology and Environment, and the Ministry of Industry and Information Technology jointly released a directory for the first batch of product carbon footprint labeling certification, covering 17 product categories including lithium-ion batteries and photovoltaic components [3] Policy Initiatives - The State Administration for Market Regulation and the Ministry of Industry and Information Technology issued a plan to support the development of new industrial productivity from 2025 to 2030, focusing on key industries such as information technology and biotechnology [4] - The Shanghai Municipal Economic and Information Commission announced a three-year action plan to support high-growth enterprises, including measures to facilitate the listing of unicorn companies [4] Tourism Sector - The Yunnan Provincial Government issued measures to strengthen integrity in the tourism market, imposing strict penalties on travel agencies involved in unethical practices such as "unreasonably low-priced tours" [5]

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued the "Measurement Support Action Plan for the Development of New Quality Productivity in Industries (2025-2030)" aimed at enhancing measurement capabilities in key industries to drive innovation and resource optimization [1] Group 1: Key Industries and Focus Areas - The plan targets key industries such as new generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, quantum technology, integrated circuits, and instruments [1] - It emphasizes the identification of major measurement needs to form a series of key projects that will be collaboratively tackled by key units [1] Group 2: Objectives and Implementation - The initiative aims to effectively address critical measurement issues in industrial development, strengthen technological innovation, and optimize resource allocation [1] - It seeks to accelerate the transformation of achievements and promote the integration of the "traceability chain, innovation chain, and industrial chain" [1] - The plan positions measurement as a catalyst and engine for promoting the development of new quality productivity in industries [1]